Not too long ago, if you wanted to move to another country, you needed to have scarce skills, a job offer, or a spouse or relative from that country. 

Fortunately, things have changed a bit, and these days, many countries have what is known as a “golden visa” program. Portugal is one of those countries. Here’s what you need to know about how to buy property in Portugal and get residency.

Golden Visa: Buy Property in Portugal and Get Residency

The so called “golden visa” in Portugal is an immigration by investment program. As such, the government of Portugal waives some of the requirements of other programs (education, work experience and so on) when people invest above a certain threshold in approved things – and property is one of those things. 

Many people find the option to buy property in Portugal to support their application very attractive, because they’re investing their money in a tangible asset that they can hold onto, rent out or one day, resell. 

When you apply for and are granted residency in Portugal as part of the golden visa program, you don’t automatically get citizenship, but you do get permanent residency, and you can eventually apply to become a citizen. While you are a resident of Portugal, you do have access to all government programs, and you can work or study in the country. You do also have to be a registered tax payer in Portugal, but you might not have to pay tax on all of your income, depending on the tax treaties Portugal has with your primary country of residence and citizenship. 

It is worth noting that you do still need to meet all the usual immigration criteria related to health, security and criminality, so it’s worth investigating what else is considered during the application process before you start your application. 

Residential Properties in Portugal     

Portugal recently changed their golden visa property program to exclude property bought in Lisbon, Porto and the Algarve, which are three of the most popular places to live in the country. 

However, while you can’t buy property in those areas to support your golden visa Portugal application, there are many places nearby (and many other fantastic cities) to choose from. 

Minimum investment in residential real estate

Every stream in the golden visa program system has a minimum investment amount that is defined by the government from time to time, and the option to buy property in Portugal is no different. In this case, you will need to spend:

€500,000 in residential real estate

If you are buying a relatively new or new build property, you will need to spend a half a million Euros on the purchase to qualify for the golden visa program. 

€350,000 in 30-year-old real estate that needs renovation

If you are buying an older “fixer upper” you can spend less, at just 350,000 Euros, but there are requirements related to the renovations that you will need to meet. 

€280,000 in a property for renovation/refurbishment in any of Portugal’s designated low-density areas

If you are buying a property outside of a major center, you might qualify to buy for just 280,000 Euros as part of the low density program to buy property in Portugal for a golden visa. 

What Is Included in the Minimum Amounts?

When you look at the minimum property investment amounts for purchasing property in Portugal to support a golden visa application, it’s important to remember that those numbers do not include anything other than the purchase price. 

You will still need to pay out of pocket to visit Portugal to view properties, for closing costs and legal fees and any other third party costs that apply. So make sure you factor that into your affordability calculations. 

How Long Do You Have to Keep Property You Buy in Portugal?

If you choose to buy property in Portugal to support your golden visa application, you won’t simply be able to sell it again when you choose. If you plan to go through the whole process and eventually apply for citizenship, you will need to keep the property for at least 5 years. 

However, there’s nothing that says you have to live in the property, and physical presence requirements for residency are fairly low, so you could very well turn your property purchase into a rental and earn and income from it. 

Locations to Buy a Property in Portugal

Recent changes to the property program in Portugal have meant that some parts of the country are no longer part of the program, as mentioned above. However, while you can’t purchase residential property in Lisbon, Porto and the Algarve, you might still be able to invest in commercial property in those areas. 

If you choose to go with residential property, there are many other cities to choose from, such as Vila Nova de Gaia, Braga, Queluz, Funchal, Coimbra, Setúbal, Agualva-Cacém, Almada, Rio Tinto, Aveiro, Viseu, Leiria, Guimarães, Barreiro, Évora, Faro, and Portimão, among others.  

If you like the idea of island life, you might also like to explore the option of living on the island of Madeira. 

Most larger cities and towns in Portugal have all the amenities and infrastructure you would find in any other developed part of the world, and while the pace of life is a little slower than the big cities, that could very well be a selling point! 

Contact Us

If you want to make Portugal your new home, and you think the option to buy property in Portugal and use the golden visa process is the right route for you, we’d love to chat.

Smart Citizenship has been helping people to make their new homes in countries around the world for years, and we specialize in golden visa and immigration by investment programs. 

Whether you’re ready to start house shopping or just want to know more about the process and what you need to successfully complete it, we’re always happy to help. Our team can provide all the answers you need, and professional help every step of the way.